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Managing Your Bankroll
Managing one's bankroll,
or as some say "mastering one's bankroll" is a very
controversial issue with many gamblers. It seems like
no two players can agree on what exactly is the best way
to govern one's betting habits in the online casino.
From a full-time professional gambler you will likely
hear that bankroll management has nothing to do with
setting yourself betting limits, whereas a
novice gambler who is looking to win some money in order
to pay for a trip to Las Vegas will say just the
opposite. There are even some bankroll strategies
(popular with poker players) that work like a science,
and backed by percentage statistics.
It is not for anyone to say which bankroll management
method works the best, for each player will have to
learn what works the best for them. Let's just say that
all gamblers gamble for different reasons. And aside
from changing one's personality, all gamblers are going
to be inclined to gamble differently as well.
Yet, with all these differences there are some bankroll
management practices that all gamblers can agree on.
They may seem obvious to some, but are worth mentioning,
none the less.
Aside from these basic bankroll management
techniques, you will also be introduced to a very
simplistic approach to managing one's bankroll - One
which many professional gamblers advocate using, even if
you are an amateur seeking more pleasure and
entertainment from your gambling than anything else.
Otherwise, the best thing you can do to manage your
bankroll is maximize your profit. It is highly
recommended that you implement a strategy at any of the
strategy games, such as blackjack. This, in conjunction
with a good overall bankroll management technique (as
will be discussed later) will greatly help you to grow and
maintain your bankroll. First, let's take a look at what
all gamblers should exercise at all times when playing
for real money in the online casino.
These practices should be the foundation of any
bankroll management technique:
Never Play With Scared Money -
Surely you
have heard this one before. It means do not gamble
money you cannot afford to lose, such as your child's
college fund, the rent, your retirement savings or your
grocery money. This rule should go without saying. If
you do indeed find yourself falling into this type of gambling
habit, it does not matter if you win all your money back and
then some, it is a very dangerous habit, and is a trait
of gambling addiction which should be addressed with a
counselor or Gamblers Anonymous.
Never Gamble More Money Than You Were Planning To
- This does not necessarily mean to set a limit on your
winnings and losses, but it does mean to not exceed your
initial bankroll. Otherwise, you will be playing
with scared money. Understandably, some players like to take
out a few bills to gamble with, in order to see how far it will
take them. Sometimes they won't need to take out more
money. Other times they will. The bottom line is to be
sure you can afford it. If you lose your entire
bankroll at the blackjack table and think that if you
withdraw another $50 and play with a more enlightened
and reasonable mind that you will be able to build your
bankroll back up, is desperate thinking. This could be
the start of something really bad. Walk away, and come
back to gamble when you are not putting your financial
stability at risk.
Exercise Risk Management On Your Wagers - Risk
Management is essentially putting a limit on your
individual wager amounts. This in no way is promoting
staking strategies like the Martingale System. Whether
your stake is fixed or variable is not going to matter.
What matters is not putting your bankroll at risk. Most
gamblers will tell you to never bet more than 5%
of your bankroll on any given wager. This is a
widely accepted practice, from professional sports
bettors to poker players.
Play With a Game Specific Strategy - If
you are playing a strategy game like craps, blackjack or
poker, study up on a game specific strategy for the
respective game(s) you would like to play. Properly
playing one of these strategies will bring the Casinos
Advantage down.
One other thing worth mentioning, which more and more
gamblers are practicing, is using a lock box.
Admittedly,
this is probably a measure which more addiction inclined
gamblers are finding of great use, but deserves
mentioning none the less. It is a small device, which
you lock ahead of time and leave the key at home. The
box contains a small slit that you place your winnings
in, insuring you leave the casino without killing your
entire bankroll. Another option of this type of "money
squandering" takes a little more discipline, but works
just the same. Before you begin gambling, set for
yourself a minimum amount of winnings that you will
pocket and not spend no matter what. This does not mean
that when your bankroll reaches this amount you have to
stop gambling. It only applies to your winnings;
Therefore, every time you make profit on a bet, you will
put it towards your predetermined amount. Once you
reach that amount, you will not add or take away from it
for the the remainder of your gambling session.
Okay, so you have a foundation for managing your
bankroll. Now let's examine the most overall sound
strategy that you can use to not only stretch your
bankroll out longer, but also enjoy your gambling
as much as possible.
The Play or Quit Strategy
The essence of this strategy, which happens to be the
recommended strategy of many veteran gamblers, is
disciplined decision making. This strategy requires
gamblers to, first of all, get in touch with how they
are feeling, and secondly, to exercise discipline at all
times. As mentioned earlier, it looks like a simple technique to
follow, but takes some practice putting it into action. Remember, in order to benefit from this
method, you must be acutely self-aware, while asking
yourself questions that will help you to objectively
gauge your state
of mind.
The Play or Quit Strategy says that a gambler
should keep gambling unless one of the following occurs:
Rule #1: You are not having fun gambling any
more...If you find yourself getting depressed
because you are on a string of losses, take a break to
focus yourself again. Sometimes the solution is as easy
as getting a bite to eat or stepping outside for some
fresh air. If you can recover, go back to gambling. If
not, it is better to quit playing for the day, and come
again when your mind is fresh.
Rule #2: Your "unluckiness" is simply too
"unlucky"...If you find yourself at the
blackjack table, and you are busting every single hand
while the dealer is consistently hitting 20 or 21, this
should be telling you that now is not a good time.
After a string of hard losses, it is either time to move
to another game or quit playing for the day. Whether
you quit for the day or keep on playing depends on how
well you are faring at Rule #1.
Rule #3: Your level of discomfort has gone up
a few notches...It's okay to be a little on edge
as you wait for the other players to show their hands at
the poker table. However, if you find yourself taking
risks that you would normally not take, you will know by
how your comfort level begins to change. Pay attention
to your body (i.e. tension, shifting in your seat,
shallow breathing) and keep asking yourself how you feel
about the decisions you are making. It is okay to take
a risk when the time is warranted - But if you are doing
so on every hand, and are starting to take big losses,
it's time to quit.
Sound pretty simple? Well, it
can be with some consistent and dedicated practice. This strategy takes great bearing and a grounded
strength of mind. The bottom line is to stay calm no
matter the circumstances. If you have built your
bankroll management skills on the foundations mentioned earlier, there will be no difficulty in
handling a few losses of money you can afford to
lose, and to be able to step away from the gambling
floor when times get tough. Hopefully, you will stick
with these principles long enough so that you are seeing
more good times than bad, which will come if you
are dedicated and persistent. If you want more
information on game specific strategies that will help
you maximize your profit, and manage your bankroll even
more efficiently, please see the individual game
strategy write-ups on our website.
Additional Tips and
Information About Money Management:
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